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Old 07-28-2017, 02:54 PM
 
Location: New York
2,581 posts, read 2,677,053 times
Reputation: 740

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Quote:
Originally Posted by bullandre View Post
Please educate me about this tax incentive that rewards owners for keeping properties vacant? I think these vacancies are about pure speculation (which I think you refer to) my friend because IRS and DTF rules would disallow most of these deductions.
OK I exaggerated when I said the word Pennies. But having a 20 year tax abatement is a really, really good deal.

On the other, how do you explain property that remains vacant for literally years on streets like Bleeker Street? Do you really believe that NO ONE wants to rent a store there?
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Old 07-28-2017, 03:43 PM
 
3,700 posts, read 2,494,372 times
Reputation: 2614
omfg commercial rents =/= residential rents. That discussion is totally different thing. You are smelling like you are part of the REBNY or something! whiffy-whoo!
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Old 07-28-2017, 03:55 PM
 
Location: Brooklyn
1,074 posts, read 495,270 times
Reputation: 817
Quote:
Originally Posted by roseba View Post
OK I exaggerated when I said the word Pennies. But having a 20 year tax abatement is a really, really good deal.

On the other, how do you explain property that remains vacant for literally years on streets like Bleeker Street? Do you really believe that NO ONE wants to rent a store there?
It's a tax exemption, not an abatement they get under the program and the length varies depending on the area. Again, I agree with you that it's really a good deal for the developers/sponsors and the recent update to the program should have been fairer. However, this is NY and the real estate industry has the NYS lawmakers under their thumb.

The program was flawed from the beginning but it did work well to spur housing in NY. Fun fact:Trump Tower isstill receiving a tax exemption under the program. NYS tried to block the Trump Tower from taking advantage of the program because 5th Avenue wasn't a depressed area then or now. Trump sued and won.

I've been hearing about these vacant properties but I think these owners are speculating or biding their time to buy up adjacent properties. I do not know of any tax benefits, whether from the state or feds, that would provide tax deductions to unused or underutilized properties.

Some people (like pierrepont) advocates that the govt should get out of the housing market in NYC but no one knows what is the solution to the housing crisis here. NYU Furman Center has some nice tools and research on this issue.
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Old 07-28-2017, 07:17 PM
 
3,333 posts, read 3,288,115 times
Reputation: 2834
This isn't surprising at all. This is just another bone thrown for votes.
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